My final word on this for this edition is to ensure that you are adhering in all product areas – “avoiding foreseeable harm” by advising clients on the risks of not taking out household insurance with a mortgage is just as relevant as it is with any other product area. And of course, if you don’t sell it yourself, at least signpost it and make sure it’s in your plan to do so! Cost of Living Crisis Many Insurers are producing some really good quality support material to help highlight the need for IP products given the Cost of Living crisis. A couple of recent examples include: The LV Financial resilience survey which showed: • 45% of those without a Protection Policy are not confident they can financially cope if they fall ill • 23% of workers would struggle to pay household bills for 2 months if they were unable to work • 31% have up to £5,000 worth of debt say their partner also relies on their income, and they need both incomes to cover their monthly outgoings • 50% of UK mortgage holders do not hold an IP policy, but 28% say they would like to. The other quality source of material, not surprisingly linked to a bank, is the HSBC “Always on” campaign, with access to a wealth of material to support clients (whether they be customers of HSBC or not). Click here to view these. In highlighting these sources of highly valuable information and practical support this clearly shows how you are supporting your customers through difficult times. Perhaps you can think of a simple link from your own website or as part of your regular mailings to clients? Claims Stats There is currently a lot of noise in the industry to highlight the claims statistics from 2022, which are pretty impressive whichever Provider you look at. In the 2022 AMI Protection Survey, consumers clearly do have concerns about the industry’s ability to pay out claims. All of the material produced will clearly help to break down those barriers and hopefully blast the misconceptions clouded by PPI and banking products which still taint our core product ranges. We are trying to get Providers to highlight where possible those claims which were not paid out, to help consumers understand the importance of getting underwriting right at the outset to reduce the chance of a claim being declined, in the hope we can move to a 100% claim payment rate in the future. From a Paradigm Protect perspective, we continue to offer what we believe to be the most comprehensive DA protection and general insurance proposition available, including core products as well as the new PMI panel introduced earlier this year. We are already seeing increasing numbers of PMI sales, clearly from those customers increasingly concerned about access to treatment. Please think about the offering in conversations with clients and continue to look out for our events, where PMI and our highly successful Group Risk offering will appear in H2 of 2023, in addition to core product ranges such as Life, CI, IP and GI. Please click here to see upcoming events and register. It only remains for me to wish you all a safe and pleasant Summer, and to thank you for your continued support of Paradigm Protect. As always, if there is anything we can do to help you in the protection space, whether that is writing more business or referring them to our trusted signposting partner who features in this issue, please get in touch on 0330 053 6061 (option 3) or email [email protected]. 06 SUMMER PROTECT NEWSLETTER
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